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The Market Reaction to the Election

By Scott Sumner | Nov 10 2024
A throwaway comment at the end of my previous post may have been misunderstood. So today I’ll provide a more complete interpretation of the market response to the recent election. There were a number of significant market responses to the election, including: 1.  Significantly higher stock prices2. A stronger dollar3. Higher interest rates4. Higher inflation ...

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An Interesting Political Phenomenon

By Pierre Lemieux | Nov 6 2024

We observe a strange phenomenon that does not only affect America but currently looks especially virulent in this country. (Before the fall of the Soviet empire, it was more noticeable in Europe.) When an election is coming, each of the two main competing sides shouts that if the other 50% (plus 1% or whatever) wins, .. MORE

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We are in the 21C so those who wish to cite reasons of implementation of min wage  way way back provide nothing by so stating as it has to do with min wage in the..

SK, November 2

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Books: Reviews and Suggested Readings

Fine Tuning Policy

By Kevin Corcoran | Nov 12, 2024 | 0

While trying to make an analogy for a smartphone review, the technology reviewer and journalist Marques Brownlee once made the following observation about the Porsche 911: Have you ever listened to a car reviewer describe the latest generation Porsche 911? This is a car that’s looked more or less the same for the past fifty .. MORE

Economic Growth

Sellgren Interviews Henderson on the Latest Nobel Prize Winners

By David Henderson | Nov 11, 2024 | 0

Juliette Sellgren, a senior and economics major at the University of Virginia, has a podcast titled “The Great Antidote.” In October, she interviewed me about the winners of the 2024 Nobel Prize in economics: Daron Acemoglu, Simon Johnson, and James Robinson. She contacted me because I wrote, as I have done in most years since .. MORE

Cost-benefit Analysis

The “problem” of Induced Demand

By Scott Sumner | Nov 11, 2024 | 9

An article on a highway project in the Pacific Northwest caught my eye: However, the shiny new document leaves out an essential consideration when it comes to projecting the future effects of I-5 expansion in this long-constrained corridor, an omission that would have been much less noticed in a decade ago but which sticks out .. MORE

Energy, Environment, Resources

My Weekly Reading for November 10, 2024

By David Henderson | Nov 10, 2024 | 13

Subsidies and Tech Deals Don’t Change the Economics of Nuclear Power by David Kemp, Cato at Liberty, November 4, 2020. Excerpt: Despite the flurry of attention, nothing suggests that the underlying economics of nuclear have changed. Nuclear remains expensive, and its costs likely outweigh its benefits as a zero-carbon energy source. A recent Washington Post editorial, drawing .. MORE

Finance: stocks, options, etc.

The Market Reaction to the Election

By Scott Sumner | Nov 10, 2024 | 15

A throwaway comment at the end of my previous post may have been misunderstood. So today I’ll provide a more complete interpretation of the market response to the recent election. There were a number of significant market responses to the election, including: 1.  Significantly higher stock prices2. A stronger dollar3. Higher interest rates4. Higher inflation .. MORE

Books: Reviews and Suggested Readings

We at 100

By John Phelan | Nov 8, 2024 | 1

The 20th century produced fictional dystopias besides real ones, yet the best known – like George Orwell’s Nineteen Eighty-Four – originated in liberal democracies. All, however, owe much to a novel from one from one of the real dystopias, We, by the Soviet Union’s Yevgeny Zamyatin. Born in 1887, Zamyatin became a  Bolshevik while a .. MORE

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Bloggers David Henderson, Alberto Mingardi, Scott Sumner, Pierre Lemieux, Kevin Corcoran, and guests write on topical economics of interest to them, illuminating subjects from politics and finance, to recent films and cultural observations, to history and literature.

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Books: Reviews and Suggested Readings

We at 100 1

The 20th century produced fictional dystopias besides real ones, yet the best known – like George Orwell’s Nineteen Eighty-Four – originated in liberal democracies. All, however, owe much to a novel from one from one of the real dystopias, We, by the Soviet Union’s Yevgeny Zamyatin. Born in 1887, Zamyatin became a  Bolshevik while a .. MORE

Economic History

The “Opportunity” to Get Cancer 9

Art Carden has written a terrific article this morning on the huge economic progress we have made in the last 2 centuries. It’s “Conceived in Liberty or Conceived in Sin? Exploitation and Modern Prosperity,” Econlib, November 4, 2024. One excerpt: We are R.I.C.H.: Rich, Interconnected, Civilized, and Healthy. What does this mean? First, I’m referring .. MORE

Price Controls

Nocera and McLean’s priceless PPE analysis 4

I suspect regular readers of this blog are familiar with what basic economics tells us we can expect to see as a result of price controls. Let’s say that for some good, there is a large positive demand shock or negative supply shock, or both. This shifts the demand curve to the right, or supply .. MORE

Book Reviews and Suggested Readings

Freedom and the Lawmakers

By Alberto Mingardi

A Book Review of Over Ruled: The Human Toll of Too Much Law, by Neil Gorsuch and Janie Nitze.1 Liberties, Thomas Hobbes wrote, “depend on the silence of the law.” Nowadays the law is very chatty. Here are three examples from the new book by Supreme Court Justice Neil Gorsuch and Janie Nitze, Over Ruled: .. MORE

The Wrong Road to Freedom

By David R. Henderson

A Book Review of The Road to Freedom: Economics and the Good Society, by Joseph E. Stiglitz.1 Introduction Columbia University economics professor Joseph E. Stiglitz has recently published a book titled The Road to Freedom: Economics and the Good Society. In it, Stiglitz, who shared the 2001 Nobel Prize in economics with George Akerlof and .. MORE

Humanomics: Moral Sentiments and Wealth of Nations for the Twenty-First Century.

By Maria Pia Paganelli

What is Humanomics?1 It sounds like a combination of human and economics. And indeed this book by Vernon Smith and Bart Wilson can be read as an attempt to reintroduce the human component into economics. It can be read as a criticism of modern economics and as the presentation of a substitute for it. It .. MORE

Elon Musk, Sam Bankman-Fried, and Adam Smith’s Impartial Spectator

By Michael L. Davis

Book Review of Going Infinite: The Rise and Fall of a New Tycoon, by Michael Lewis1 and Elon Musk, by Walter Isaacson.2 Economists don’t find people all that interesting. Many of us have friends and family, but our models and analysis are devoid of personality and character. We talk about principles and agents, about the .. MORE